NEO Appears Bullish as it Retains Support from Daily MAs
- NEO, at the time of writing this analysis, was trading at $11.12 after giving a fresh 30-day high at $12.34
- The current trend of NEO against USD seems to be a prototype of a cumulative trend over the past 6 months as it recently hits the major resistance at $12
- Unlike a few other altcoins, NEO/USD retains support from the daily moving averages and is expected to beat even higher
- The current trend does not project any unwelcome volatility in the upcoming days as the 20-day Bollinger Bands exhibit
- The coin gains back the pace after testing support at $10.1 in the past week
NEO shows an impressive move as it forms a semi-circular trend and seems to be all set to hit above the given resistance and 30-day high at $12.34. They retained support is likely to help the coin from further breakdown as the volatility also subsides.
NEO Price Analysis:
Based on the NEO price prediction chart mentioned above, we can derive the following conclusion.
The analysis is rightly divided into two parts as we see a similar type of prototype trend forming when we closely look into the above 4-hourly chart. NEO has constantly been making attempts as it hit above all the previously formed resistances at $10.2, $11.8 and $12.3 to again face a temporary fall at $10.1. However, with gained momentum and retained support, the price of Neo is trading at $11.07.
The 20-day Bollinger Bands laid to have a moderate width and do not project major volatile trading days ahead. The 10-day and 50-day daily moving average lie within the Bollinger Band range while the 200-day moving average is moving adjacent to the lower 20-day Bollinger Band.
Resonating the current with a cumulative trend over the past 6 months, we see that the coin readily hit a fresh 30-day high after a despairing previous month. Analyzing the trend over the past 6 months, NEO price took a steep rise as it rose from the trading price of $6.9 to $13.47, forming a double top in the bygone year followed by a similar bowl trend.
Combining the two, we see that the coin has a widened trend forming as it rises from the utter bottom in a semicircular shaped motion.
The technical Indicators laid confirm the bullish move. Yet we see a slight ‘‘death crossover’’ due to the intraday change as the MACD line of NEO gets overridden by the signal line.
The RSI of the coin is at 59.06, and we do not foresee any trading extremities at present.